Yamauchi Retires

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Iwata named as new Nintendo president.

By IGN Staff

According to a report in last night's Nihon Keizai Shimbun, Nintendo Co. Ltd. President Hiroshi Yamauchi has announced his retirement. The Nintendo leader will officially step down this Friday, according to the paper.

Yamauchi's replacement has been named as 42-year-old director Satoru Iwata, who comes from HAL Laboratories and has more recently headed up Nintendo's development division with designer Shigeru Miyamoto.

Former vice president Atsushi Asada will be promoted to chairman of the firm.

Yamauchi headed Nintendo for some 52 years and helped make it one of the biggest and most profitable companies in the world.